How Retiring Early Can Affect Your Family

Daniel Penzing
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Benefits of Retiring Early

Some people decide to retire early to spend more time with family. Others retire early for potentially lucrative investments or business ventures, while some simply don’t enjoy working and decide to retire early.

Regardless of why you decide to retire early, you probably want to spend more time with your partner and your children. However you choose to do this depends largely on what stage of life you are in, as well as the ages and needs of your children.

As a parent, you likely have a plate – metaphorically speaking – full of responsibilities: finishing up your child’s education, helping them find a job, and giving them advice on how to manage their finances.

Then you’ve got your mortgage to worry about, your savings to invest, and your retirement fund to consider. Plus, you need to worry about your own retirement fund, as well as your savings and investments.

Answering the question: How can I help my children financially when I’m retired? becomes even more difficult when you retire early.

Getting Your Spouse On Board

You may have planned for your’re retirement for years, yet once the time comes to retire, you may be surprised that your spouse does not want to retire.

If you are married and you plan on retiring early, there are a couple of strategies you can use to convince your spouse to retire at the same time as you.

Tell them to Keep Working

You may be surprised by this strategy, but if you check out the stats, you will find that many husband and wives who are both retired end up living much longer than husbands and wives who retire at separate times.

You can even visit an RV park or a community like Silver Hills Ranch in Idaho to take a vacation while you discuss your future retirement plans. You may find that a conversation away from the normal daily routine will work best for you and your spouse and you may find that retirement is something you both want to do.

Remain Positive about Your Retirement Plans

Your retirement will be challenging. You may find yourself becoming bored and wanting to fill up your day with projects to keep from becoming bored. Once the time comes for you to retire, do not tell yourself you will be bored. Instead, prepare yourself by creating an interesting retirement personality that is filled with interests and activities that you will enjoy.

Retiring Early with Kids

If you’re thinking of retiring from full time work before you’re ready, you may be concerned about your financial situation and what will happen in your family. If you’re still working, it may be extremely difficult when your income changes.

What if you’re ready to retire early and you have kids? Is there an impact on your children and what they’re learning?

Your kids certainly get the message from you when you retire that there is nothing happening in their lives. They may feel like there’s no future or you.

You’ll have to look for new things for you and your family when you retire early. It’s important to keep them busy and do other things and other families that are having a good time. You’ll have to find activities that they like do something with them. This is key to young adults and will help you to raise them. Cherish them and do it with them

You’ll have to find new hobbies to maintain your relationship with your family. You have to be optimistic. Keep your relationship with your children in good shape and do something with them.

The Bottom Line

Your retirement can either bring your family closer together or drive a wedge between them. It all depends on how well you’ve prepared your children and spouse for this major life change.

Unfortunately, most parents don’t give serious consideration to how their retirement can affect their family. This can often lead to family conflict and sibling rivalries. If you don’t want this to happen in your family, here are 6 things you can do to avoid these problems.